OrbitaxProposed regulations issued to curb foreign tax credit abuses
|Proposed Changes|United States
The US Treasury Department and Internal Revenue Service (IRS) have issued proposed regulation to curb abuses caused by transactions that artificially generate foreign tax credits. The regulations were announced in Release IR-2007-73 dated 29 March 2007.
The announcement states that the regulations will disallow foreign tax credits for foreign taxes purpo…
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